Edwardian maisonette- love it but scared we might be making a mistake- can someone talk some sense into me please?

[ninkyno]

Really need some level-headed advice from you sensible lot.

You may have seen my previous thread about an Edwardian maisonette we went to view and how madly I fell in love with it- high ceilings, period features intact, perfect area, close to the station (I don't drive so this is a must). However, there was lots to compromise on: it was the top floor flat and the garden was to the side of the property (we have two DC under 6) and it needed updating to modern standards (electrics, etc.). Also, there are some complications with the lease, in that, the gentleman who owned it previously (the freeholder) never really had any leases drawn up for the property and so this is something that needs sorting asap. We made an offer on the flat and it was accepted for £700K (not central London). I was really excited about everything until this morning and then watched the news and become increasingly aware that inflation/recession could really bite us in the bum if we're not careful (have clearly been in denial until now). We definitely need to move (we're in a 2 bed flat which we've quickly outgrown) and my husband- the higher earner- will be changing jobs in a few months time which means our mortgage affordability will be impacted. What bothers me is that we can't afford to stay where we are (houses are coming on at £735K onwards and selling within days, often through discreet marketing) so need to move out but I need to stay in the same area due to the Children’s schools but if we were to not place importance on location then we could get a much bigger place with everything we needed- full house, direct access into the garden, etc.

As it stands, the maisonette is 2000sq ft so twice the amount of space we'd get for an actual house but a lot cheaper. There is nothing else on the market within budget currently.

Am I being U to want to go for the maisonette or should we back out and wait for something else to come up? My husband doesn't want to go into rental for a number of reasons but mostly because he thinks we'll be priced out of all local areas and won't be able to get back onto the property ladder if we wait. We both agree that we need to move from where we are. I'm just getting scared that we're spending close to a million pounds and not even getting the whole house. What would you do?

The lease issue and the need to refub lot would be more of a concern to me.

£700K is a lot of money for an (admittedly very large) flat when in areas of London that would get you a terraced house.

A house would be my choice. I’ve lived in a very large maisonette with direct access to my own 46 ft garden. After that I bought a house with only one extra bedroom and off street parking. The house was the much better buy.

You can afford a house but just need to make compromises. This flat is leasehold, doesn’t have direct garden access and requires quite a bit of work which will cost. There have always been noise issues, just general living, in flats I’ve owned. Much less so in the houses I’ve owned.

Thread is over a year old folks!

Freehold properties are much better value for money.. that's where I'd be looking, if at all possible. Leaseholds can be a nightmare, particularly, as you posted that there are issues with the lease. I can't emphasise enough how important the terms of the lease are - get expert advice and be prepared to pay for it.
The property does sound lovely, so if you really want it, go for it. But get all the hard-headed advice you can before committing.

Just to give an update: as much as I loved it, we didn't go for the maisonette in the end! It was huge but the lease issue, no direct garden access and lack of parks in the area were the reasons for walking away. We ended up buying a freehold house (another gorgeous Edwardian property) albeit much smaller in another area locally and I couldn't be happier. It's a three minute walk to the local park, 2 minute walk to a tube station and close to their nursery/school so 100% perfect for us. The DC didn't know what to do with the garden when we first moved in as the park was their only real experience of 'garden' but they soon embraced the space! We moved in October last year and I've bought them a trampoline (sorry neighbours!) and some garden furniture and can't wait to set all that up when the weather gets warmer.

If anyone has missed out on their dream house, let this be reassurance that there's always another 'perfecter' house out there!

@ninkyno thank you for the update, I am glad all worked out in the end! :)

Totally! This! OP you clearly love the flat and want to buy it even though it's not the most sensible decision

@Marinapeppina I didn't!

The houses where we previously lived were starting at £725k but were tiny compared to the maisonette, in worse condition and we're going for much, much more than they were listed for and within days. We had no chance in competing with other offers.

Ultimately, we're glad to not gone for the maisonette and are now in a house which is much smaller but so much better suited for our needs. There have been no comprises with this house whereas with the maisonette, there would have been many.

Oh great, I'm pleased for you!

The square footage is perfect, the lack of direct garden access is fairly short term problem. Once your kids are safe to go up and down stairs without your supervision, for me the lease terms would be the deciding factor. Our large four bedroom detached house is only a bit bigger than 2000 sq ft. It's in the area that suits you and your school choices. Can you negotiate a more formal lease document and an increased term?

Sorry OP, I didn't RTFT but very pleased that you have ticked all the really vital boxes, and moved in. Be happy!